Market Talk

GNS down 5 cents to $0.635
0423 GMT, Friday [Dow Jones] Gunns (GNS.AU) slips 5.8% to fresh 8-year low of 64.5 cents after reporting 1H net profit almost doubled on year to A$33.6 million, above a preview forecast by ABN AMRO Morgans of A$30.0 million. On surface, Gunns’ report looks upbeat, with sharp cut in debt, which was known, and indication JV, terms for Bell Bay pulp mill are imminent. But investors overlooking this, instead likely focusing on immediate softening commodity outlook, expected 15% cut in woodchip sales. ABN AMRO Morgans said before result risks to trading outlook, such as sharply deteriorating woodchip outlook, in part on back of sharply slowing Japanese economy, likely will overshadow Gunns in near term “and that downgrade cycle may still have some way to run.” (RCB)

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And, Google finance graph: Here